Innogy's stock looks too rich, given regulatory risks
We transfer coverage of RWE with a EUR 19 per share fair value estimate, down from EUR 21, but still undervalued as of late January. We reaffirm our no-moat, stable trend ratings. We also initiate coverage of RWE's subsidiary Innogy, also with no-moat, stable trend ratings and a fair value estimate of EUR 31 per share, slightly below the market price.The key to our no-moat ratings is the German networks' poor allowed returns. Innogy’s retail activities are no-moat by nature. We also think the r...
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